Hospitality REIT to buy golf courses

CNL Hospitality Properties, an Orlando-based real estate investment trust, has signed a contract to acquire KSL Recreation Corp., an owner and operator of luxury hotels, golf resorts and spas in Hawaii, California, Arizona and Florida.

CNL Hospitality will acquire 100 percent of the outstanding stock of KSL for $1.3 billion and assume long-term debt in the amount of $794 million.

“We are very excited to add such distinguished hotels to our portfolio of hospitality properties….We see signs that the travel sector is strengthening, and we think this is the right time to invest in such outstanding properties as a further step in our strategy to build long-term value for our investors,” said CNL Hospitality CEO Thomas J. Hutchison III.